Chicago Renters Should Secure Their Deposits

If you rent in Chicago, you better check your lease for new rights guaranteed you.

There has been a recent amendment to the Chicago Residential Landlord and Tenant Ordinance (RLTO) that affects all Chicago renters who signed a lease as of August 28, 2010.

The Chicago City Council has recently added Section 5-12-080(a)(3), which states that a landlord must disclose in the parties’ lease the bank name and address where a tenant’s security deposit is going to be deposited and held for the duration of the tenancy.

In addition, the law states that renters are “entitled to double the security deposit and reasonable attorney fees and costs” when a landlord is not compliant with its lease documentation.

Therefore, all Chicago renters should briefly review his or her lease, whether you are a happy or disgruntled tenant.

“With the growing number of foreclosures and the increase in renters, the City has acted upon this and strengthened tenant rights in Chicago,” said Chicago attorney Aaron Krolik. “These recent changes to the RLTO drastically change the lease requirements by landlords and the rights of renters living here in Chicago.

“These laws are not going anywhere and it is wise of both renters and landlords to understand the intricate details of compliant lease documentation.”